St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-01

purpose that they are being enacted,
| evidencing the widespread interest felt
in this eyer-present subject of real es-
tate. Neither is this interest confined
to any class of land. Individuals and
Syndicates have long been acquiring
wild lands OF ell kindS-.imber, agricul-
tural, grazing and mining-in home
stead quantities, quarter sections and
immense tracts in every section of the
continent, while city lots in the older
and larger centers, and new town sites
III the newly settled portions, have alilsai
received the attention both of Specue
lators and investors, until it has become.
. matter of general remark that the ap-
probation of real estate values, sudden
IN many places and great the country
over, is one Of the signs OF the general
prosperity of the times. III
In this prosperity and in this great,
and sudden rise of real estate values no
section has more largely shared than
our new Northwest, and no city than
our capital of st. Paul. To one who has
watched not only the increase in the
total consideration involved in the real
estate transfers, from day oday or week
to week, but whose observation has kept
pace with the great annual strides which
the city has been steadily making dur
ing the last decade, the advance in
values, though fully justified by the
substantial improvements which have
accompanied it, seems like the unfold
ing of dream or the swift telling Of o
fairy tale. Our city has had three sep
crate periods of real estate activity. The
first was that of 1851, bubble-like both
in its bright anticipations and in it's short
duration. 1t had no real basis. The
location of the city was wisely chosen
and has not been changed, but there
were no railroads, no improvements.
All was discount of the future, and
while time swiftly flies the future is not
the present, and its coming is often too
slow for mems expectations and profits
Old abstracts, showing mortgages, in
some cases still unSatisfed, securing
notes running at from a to 80 per cent.
interest, emphasize not only the ac-
tiyity, but the recllleSSneSS of this
ShOrt-liyed boom. But. on the other
hand, these same abstracts, in some in
stances tracing title from those years
to the present in the same owners, give
evidence that even in those early days
| foresight in the acquisition of the prec-
| ious possession of lands and patient
holding Of the same have given the re-
wards of fortune in the end
The second period came when the city
was older, more pretentiouS in its
claims; the prices asked better justified
by actual circumstances without the
| draft on the future being necessary.
This epoch of real estate activity was
| included between the years 1868 and
1878. One element which contributed
largely to the bursting of the bubble in
1887 has been lacking ever since,
namely, the wildcat currency of the old
banking system. The national cur
rency prevented this being feature Of
the disturbances which followed the
second era of prosperity. For some
years before active trading in land be-
gan at this time, railroads had reached
the city; Improvements in business.
blocks and dwellings had been gradu-
ally made, and city of stone and brick
was really here, though it were but a.
little one. New capital came into the.
market at that time as well as enter
prise. For the first time in fifteen years,
outlying acres were plated and added
to the city; many new buyers were.
found; the number of owners largely
Increased and the basis Of fortunes laid.
which still exist to bless both their
m hni nh
It is true that speculation was rife and
for that early time seemed wild, but the
bursting OF the bubble neither came so
quickly as in 1857, nor did it come at all
until the activity had brought to the city
new money, fresh blood and large
acquisitions in homes for the people,
and shops and warehouses for business
purposes.
One local influence which immedi-
ately followed the panic of 1S73-the-
grasshopper devastation for series of
years-had more to do with the long
period OF stagnation in all interests
than is generally allowed. That this
section, new and almost unpop-
u!ated as it was, should have
SO quickly recuperated after that
terrible ScOurge is an evil
dence of the marvellous richness and
productiyeness Of the soil of this and adj
jaeent commonwealth, and a striking
tribute to the stability of real estate
values, taking one decade with another.
We are In and of the third period of
active dealing in real estate, with quick
and steady rise IN values and magni-
ficent improvements contemplated and
constructed on every hand. He who
seeks only local reasons for the marvel
GUS growth and extent of real estate
operations In this and adjoining cities
will surely go aStray. We may be fond
of Boosting Of our own immediate -vicin-
age, but the reason for st. PauPs pros
perity is not alone because Of its FORUM
ate situation in the center of the new
Northwest. Ultimate America is begin
ming not to be cOmprehendcd, for only
prophets vision or poets dream could
do that, but guessed at by the living
citizen of this country. Never was
nation so geographically great; never so
naturally rich. Money is more plenti-
full than it ever has been and it's abund-
ance is on the increase. Interest must
be lower and land owners must be con-
tent with a smaller rental. Hence real
estate values must perforce rise, nor will
they ever again sink to the level from
which they began, say three years or